ONGC Petro IPO : ONGC Petro Additions Limited IPO likely next year

ONGC Petro additions Limited is the special purpose vehcile created for the Rs 13,500 crore petrochemical complex at Dahej, and for this division the Oil and Natural Gas Corporation is planning to raise funds through an Initial Public offer (IPO). The size and offer details of the ONGC Petro IPO are not known for now.

Chairman and Managing Director, RS Sharma speaking to the press said that OPAL IPO will hit the markets after we finalise the other equity partners to the project. Mr Sharma has also expressed that the company is not in a rush to go for the OPAL IPO and the issue could be in the first half of next year.

OPAL stake is  held jointly by ONGC and Gujarat State Petroleum Corporation, ONGC hold around 26 per cent in the company while the former holds 5 per cent stake as a joint venture partner in the ONGC Petro.

ONGC Petro Additions Limited is scheduled to finish the Dahej global-scale petrochemical plant by 2010, the plant will have a 1.1 million tonnes per annum of ethylene capacity dual feed cracker, along with associated units and polymer plants.